Global Courant
No one likes to face a legal challenge, but such unfortunate circumstances can all too often become a very real problem, especially for business owners and anyone with valuable property or other assets. And the more a person owns, the more likely he or she will face at least one lawsuit in their lifetime for almost any reason. Even if a lawsuit is frivolous, the cost of legal defense can be high.
But having a good overarching plan can protect against lawsuits and other liabilities arising from business practices, property use, and other factors. Such policies are made to pay what auto, home, personal watercraft and other types of insurance coverages fail to do when their policy limits are reached in the event that someone suffers damage, injury or death as a result of the use of the insured property.
And umbrella coverage is considered some of the best value in insurance, as they offer at least $1 million in protection for what usually works out to less than $200 a year. And every additional $1 million in coverage can generally be had for about $100 more per year. Because such policies are secondary and do not take effect until existing insurance plans have exhausted their applicable coverage limits, most plans are rarely used and are very affordable.
Obviously, the more a person owns, such as a business, large house, vast land, or other types of property and assets, the more he or she can lose if he or she is sued for some reason. And if you own a personal watercraft and regularly take friends and others for water excursions, there is a very real possibility that someone could fall overboard or suffer serious injury if use of the craft results in death or disabling injury. And that means there could be a hefty lawsuit that could easily bankrupt the insured if not fully protected.
But even those who don’t own many assets can end up in costly lawsuits and face potential judgments far greater than they could ever afford without proper protection. If someone causes an accident while driving and someone becomes permanently disabled and can never work again, even a middle-class employee could win a large amount of money in a lawsuit that could easily exceed the amount the defendant has earned during his or her career. life could afford. But for just a few hundred dollars or more a year, that person can be protected with an umbrella insurance plan.
So if you’re looking for the best way to get affordable coverage to protect against potential bankruptcy or permanent financial hardship due to a court settlement, a good umbrella policy for the least amount of money will meet the needs of most people.
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